1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over time, the loan is paid off in full.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( R \) — Monthly interest rate (annual rate divided by 12, in decimal)
• \( N \) — Loan tenure in months
• \( EMI \) — Equated Monthly Installment (INR)

Explanation: The formula calculates the fixed payment amount that includes both principal and interest components for each month of the loan term.

3. About IndusInd Bank Personal Loans

Details: IndusInd Bank offers personal loans with competitive interest rates starting from 10.49% p.a. Loan amounts range from ₹30,000 to ₹5 lakhs with flexible repayment tenures from 12 to 60 months.

4. Using the Calculator

Tips: Enter the principal amount in INR, annual interest rate (like 10.49), and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the current interest rate for IndusInd Bank personal loans?
A: As of 2023, rates start from 10.49% p.a. but may vary based on applicant's credit profile and other factors.

Q2: Are there any prepayment charges?
A: IndusInd Bank may charge 2-5% of the principal outstanding as prepayment charges, depending on loan terms.

Q3: What documents are required for a personal loan?
A: Typically requires identity proof, address proof, income documents, and bank statements.

Q4: How long does loan approval take?
A: For eligible customers with complete documentation, approval can be within 24-48 hours.

Q5: Can I get a loan if I'm self-employed?
A: Yes, IndusInd Bank offers personal loans to both salaried and self-employed individuals with proper income documentation.